All Forum Posts by: William Waller

Hello, 

I am looking at a property in Ocala, Florida and it is currently looking like a DSCR loan may be our best option. Are there any mortgage brokers here in the area that are familiar? We are also looking to get additional insights into the market during the slow season as this will be our first investment in the region. Thanks!

Queenstown!

 The target market is semi-long term tourists. The town I'm in has a population of 30,000 full-time residents but 3 million visitors annually. Lots of corporate groups that come through though so could be a good idea, thanks for that!

Thanks for the feedback! Sounds like a lot of the potential disastrous things that could happen are no different than if it was a property I owned. A little more detail on the area that the house is in below to paint a better picture;

In the area I am living, subletting tends to be allowed on the leasing agreements as almost all of the homes are occupied by adults on 3 to 6-month cycles (very transient and touristy town). So most of the homeowners rent out their homes to one person that then fills the rest of the rooms and is on the hook for vacancy and damages, the only difference between that and my situation is I wont be living in the house. The leases tend to cap the number of people allowed to live in the house for wear and tear purposes. The one I'm looking at is a 3 bedroom with a max of 5 people. 

My employer will be getting his damage deposit back and I will then be placing one down on the property, and likewise getting a damage deposit from everyone that's renting a room. I'd like to have a sublet agreement with all of my tenants. I'm assuming I need to find the local law on lodging the subletting agreement.

Hey Guys! 

I have an interesting situation/opportunity on my hands. First, a brief overview of my situation. 

For the past 5-6 months, I have been living on bigger pockets and learning as much as I can about real estate investment. I decided on focusing on BRRR in the Colorado Springs area as that is where I am from. However, I am currently living in New Zealand. I would love to buy here but as a non-resident, I am not allowed to.

My employer has just purchased a new home and is moving out of his current home that is managed by a local property management company. He has agreed to transfer the lease over to me to sublet it out. It is unfurnished, and the owner will remain responsible for repairs, etc... 

The lease is for $2800/month. I will be able to rent the rooms out for a total of $3800/month with current market conditions. I will be responsible for keeping the rooms full (housing crisis in the area so will not be an issue), notifying the management company of any repairs that need to be made, and furnishing the place. I also have tenants ready to move in that I know and trust. It is a month to month lease. 

This seems to be such a profitable and low-risk way to be gain some landlord experience and get some cash flow to put towards my own property. Is there anything that I am missing or things that I should be wary of going into a situation like this?